Cogent Communications Holdings Inc (NASDAQ:CCOI) Expected to Post Quarterly Sales of $136.33 Million

Equities analysts expect Cogent Communications Holdings Inc (NASDAQ:CCOI) to report sales of $136.33 million for the current quarter, Zacks reports. Seven analysts have made estimates for Cogent Communications’ earnings, with the highest sales estimate coming in at $136.78 million and the lowest estimate coming in at $135.85 million. Cogent Communications posted sales of $129.30 million in the same quarter last year, which suggests a positive year over year growth rate of 5.4%. The company is expected to issue its next earnings report before the market opens on Thursday, August 8th.

On average, analysts expect that Cogent Communications will report full-year sales of $549.61 million for the current year, with estimates ranging from $547.62 million to $551.80 million. For the next financial year, analysts anticipate that the business will post sales of $589.52 million, with estimates ranging from $580.00 million to $617.27 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Cogent Communications.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, May 2nd. The technology company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The company had revenue of $134.20 million during the quarter, compared to the consensus estimate of $135.21 million. Cogent Communications had a net margin of 5.92% and a negative return on equity of 22.47%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $0.15 EPS.



A number of research firms have recently commented on CCOI. CIBC raised their price objective on shares of Quebecor from C$34.00 to C$35.00 in a report on Friday, May 10th. Wells Fargo & Co set a $33.00 price objective on shares of Matador Resources and gave the stock a “hold” rating in a report on Thursday, July 11th. Oppenheimer set a $2.00 price objective on shares of Valeritas and gave the stock a “buy” rating in a report on Friday, May 10th. Zacks Investment Research downgraded shares of GALP ENERGIA SG/ADR from a “hold” rating to a “sell” rating in a report on Monday, May 6th. Finally, Deutsche Bank downgraded shares of Cogent Communications from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $53.57.

In related news, Director Blake Bath sold 10,000 shares of Cogent Communications stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $57.88, for a total transaction of $578,800.00. Following the completion of the transaction, the director now directly owns 18,425 shares of the company’s stock, valued at approximately $1,066,439. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thaddeus Gerard Weed sold 1,500 shares of Cogent Communications stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $57.11, for a total transaction of $85,665.00. Following the transaction, the chief financial officer now directly owns 78,950 shares of the company’s stock, valued at $4,508,834.50. The disclosure for this sale can be found here. Insiders have sold a total of 33,425 shares of company stock valued at $1,949,397 over the last three months. 10.17% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP lifted its holdings in Cogent Communications by 3.4% during the 1st quarter. First Trust Advisors LP now owns 1,785,559 shares of the technology company’s stock valued at $96,867,000 after purchasing an additional 59,007 shares during the last quarter. FMR LLC raised its stake in shares of Cogent Communications by 33.2% in the first quarter. FMR LLC now owns 1,488,748 shares of the technology company’s stock worth $80,764,000 after acquiring an additional 370,945 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cogent Communications by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,385,819 shares of the technology company’s stock worth $62,654,000 after acquiring an additional 22,196 shares during the last quarter. TimesSquare Capital Management LLC raised its stake in shares of Cogent Communications by 36.5% in the first quarter. TimesSquare Capital Management LLC now owns 701,570 shares of the technology company’s stock worth $38,060,000 after acquiring an additional 187,725 shares during the last quarter. Finally, Ranger Investment Management L.P. raised its stake in shares of Cogent Communications by 7.4% in the fourth quarter. Ranger Investment Management L.P. now owns 599,560 shares of the technology company’s stock worth $27,106,000 after acquiring an additional 41,377 shares during the last quarter. 89.46% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:CCOI traded down $0.02 during midday trading on Friday, reaching $62.58. 324,569 shares of the company’s stock were exchanged, compared to its average volume of 222,563. The business has a 50 day moving average price of $60.17. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 99.33, a PEG ratio of 8.72 and a beta of 0.56. Cogent Communications has a 12 month low of $42.40 and a 12 month high of $63.39.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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